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Syndicate
First Sporkish Bank of California
jay Wed, 05/14/2008 - 10:28
This Contract defines The First Sporkish Bank of California ("Bank").
Loans
A Loan is a Bank document comprised of the Lenders, Borrowers, Terms of the transfer of Sporkos and the effects of Defaulting on those Terms.
The Director may create a Loan by posting it, or post approval of another player's posted Loan. It is then deemed In Force when all Parties named in the Contract as Lenders and Borrowers post agreement, at which time the applicable number of Sporkos should be transferred from the Lenders to the Borrowers.
Borrowers must repay the Loan per its Terms or the Default clauses of the Loan will be executed.
The Director shall declare as Settled any player holding no Loans with unfulfilled Terms.
Gold
A Party may purchase a portion of the Bank's Gold Holdings according to the posted Gold Purchase Rate. A list of gold held by players will be maintained by the Board.
Any player, even if they are no longer a Party of this Contract, may sell their gold back to the Bank at the posted Gold Buyback Rate.
Gold purchases and sales do not affect a Party's Settled status.
Membership
Any player may join this Contract unless that player's name is on the Bank's Blacklist.
The Director may declare a Party of this Contract to be (or not to be) a Member of the Board or the Blacklist by announcement.
No player may leave this contract unless that player's account is Settled. Until becoming a Borrower or Lender, all new Parties are by default Settled.
Offices
The Director may name and remove Deputy Directors, who holds powers the same as described for the Director.
The Director of the Bank is jay.
Modification
With the approval of all Parties to this Contract, the Director may modify the Gold section of this Contract, or its Loans section if there are no active Loans. The Board shall update the Holdings section for accuracy.
Holdings
The Bank's Gold Holdings: 500 mg
Gold Purchase Rate: Player pays 5 Sporkos per 1 mg
Gold Buyback Rate: Player receives 4 Sporkos per 1 mg
Gold held by players:
- Subwolf - 4 mg
I join this Contract.
I join this contract.
I name gerryblog Deputy Director and Board Member.
All players after SubWolf are on the Blacklist until further notice.
Point of note: The Board controls enough Sporkos for a Silver upgrade.
The Bank offers to create a Loan of 20 Sporkos to any player, to be repaid with 5 Sporko interest within 30 days. Inquire for other amounts.
The Bank will borrow any number of Sporkos to then repay that amount plus 15 percent in 30 days.
For Sporko accounting purposes jay will be the Lender or Borrower of these specific offers.
If you wish to deposit, or borrow an amount, kindly post below so a Loan may be constructed.
Does the bank pay interest on deposited sporkos? Is there a reserve requirement (that is, a certain fraction of deposits maintained on hand for withdrawal?) Is the bank reuired to even maintain a positive balance?
I'm not convinced of the bank's solvency.
Can I borrow 400 sporkos?
--
ctmf, AE
Deposits are currently in a form of a Loan to the Bank, at 15% paid in 30 days. Other arrangements are possible.
The Bank is currently at 100% Reserve, so 400 Sporkos are not currently available.
Contracts can't mint Sporkos, we can only shuffle around the ones we've got. I could do fractional reserve if non-player entities were allowed to hold funds, backed by our personal accounts.
Contracts can't mint Sporkos, we can only shuffle around the ones we've got. I could do fractional reserve if non-player entities were allowed to hold funds, backed by our personal accounts.
All you have to do is take a deposit, then lend out, say, 50% of that at a higher interest rate to someone else. No non-player entities required.
It creates money. The first player still owns 100% (though they can't really withdraw it all, unless the bank has many depositors), and the borrowing player has 50% of that money. Voila, 150%.
I don't really see any compelling reason yet to borrow sporkos, though. I look forward to something to spend them on besides voting and jewelry (which it doesn't really make any sense to borrow for, unless you can win right away that way).
--
ctmf, AE
Or I could issue my own currency fractionally backed by Sporkos and hope there's not a run on the bank.
For now I modified this Contract to back up the Bank's big talk with physical gold.
I join this Contract.
I purchase 4mg gold for 20 Sporkos.
Holdings updated. Please update the Scoresheet with new Sporko counts for us and an appropriate log note.
jay, I'd like to borrow 20 Sporkos effective at midnight tonight (or else midnight tomorrow night). I only close loans at midnight exactly.
Loan't. Update em.
If SubWolf didn't pay for his gold move the 20 out of his account, by coincidence.
jay, I'd like to borrow another 25 Sporkos, once again effective at midnight tomorrow. I presume the usual rates apply.
jay: Is this mortgage approved?
Your credit sucks so far.
The bank is a little underfunded for a few days as it turns out, anyway, unable to provide for even its own defense against weapons it financed. Let this be a lesson to future overlords.
Well, jay, now that you've gone and blown up the world, can I borrow the money anyway, effective at midnight tonight?
Or, Dave, if you want to loan it to me...
Paying back my loan now.
-20 gerryblog
Hey where's my interest.
How much is 4 days' interest? Take it out of my account.